Nov 7, 2018   SOURCE: PR NewsWire

Global $5.9 Bn Laboratory Automation Market to 2023

DUBLIN, Nov. 7, 2018 /PRNewswire/ --

The "Laboratory Automation Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.

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The global laboratory automation market reached a value of US$ 4.3 Billion in 2017. The market value is further projected to reach US$ 5.9 Billion by 2023, exhibiting a CAGR of around 5% during 2018-2023.

Laboratory automation can be defined broadly as any device, software or process that requires minimal human intervention and improves the efficiency of the laboratory. Laboratory automation may include the use of robots, conveyors, software, machine vision, etc.

Laboratory automation has played a major role in saving time, reducing costs, eliminating human error and improving the efficiency of experiments. As a result, automation has moved past the nice to have to the must have in the modern laboratory. Laboratory teams today are continually looking for ways to increase their efficiency and improve the long-term value of their operations. Organisations are now adopting laboratory automation solutions to enhance their work and maximize the efficiency of their testing processes.

Market Summary:

    --  Based on the type, the market has been segmented into modular automation
        and whole lab automation. Modular automation currently dominates this
        market.
    --  Based on the equipment/software type, the market has been segmented into
        automated clinical laboratory systems and automated drug discovery
        laboratory systems. Currently, automated clinical laboratory systems
        represents the larger segment. The automated clinical laboratory systems
        have been further segmented into automated workstations, LIMS, sample
        transport systems, specimen handling systems and storage retrieval
        systems. Similarly, the automated drug discovery laboratory systems have
        been further segmented into automated plate readers, liquid handling
        systems, LIMS, robotics, storage retrieval systems and dissolution
        testing systems.
    --  Based on the end-users, the market has been segmented into biotechnology
        and pharmaceutical companies; hospitals and diagnostic laboratories; and
        research and academic institutes.

    --  Region-wise, the market has been segmented into North America, Europe,
        Asia Pacific, Middle East and Africa, and Latin America. Amongst these,
        North America is the biggest market.

Market Drivers:

    --  Laboratory automation is playing a major role in maximizing the accuracy
        of laboratory results and minimizing human errors to ensure that work is
        completed efficiently. It also enables the laboratory to deliver the
        reports quickly ensuring that actionable data is available on a short
        notice for review.
    --  Automation is also enabling laboratories to reduce manual work.
        Automation solutions can complete many testing processes that would
        otherwise require significant amount of manual work. Labor costs account
        for a significant share of the total laboratory costs. Moreover,
        automation systems improve the productivity of labs and reduce the
        increase in costs that may arise due to wastage.
    --  The application of automation systems has also led to a significant
        increase in the productivity of the drug discovery process. These
        systems can operate for long hours with minimal monitoring and
        instruction. They also allow more time for researchers to focus on their
        core work and reduce their time on repetitive tasks.
    --  Automated testing solutions enable the ideal ways to protect data and
        ensure that it is easily available for lab teams. These systems also
        improve productivity of lab teams as they can track everything that
        happens to a sample, enabling them to view its entire history.

Companies Mentioned 

    --  Danaher
    --  PerkinElmer
    --  Tecan Group
    --  Thermo Fisher
    --  Abbott Diagnostics
    --  Agilent Technologies
    --  Aurora Biomed
    --  Becton, Dickinson and Company
    --  BioMrieux
    --  Biotek Instruments
    --  Brooks Automation
    --  Cerner
    --  Eppendorf
    --  Hamilton Storage Technologies
    --  LabVantage Solutions
    --  Labware
    --  Olympus
    --  Qiagen
    --  Roche Holding

    --  Siemens Healthcare

For more information about this report visit https://www.researchandmarkets.com/research/wntjtf/global_5_9_bn?w=5

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